EVTOL Aircraft Market to increase by USD 5.43 billion during 2022-2027; increasing requirement for clean and quiet aircraft to drive the growth – Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ — The EVTOL aircraft market size is expected to grow by USD 5.43 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 39.53% during the forecast period. The market is segmented by Application (Cargo and Passengers), Technology (Lift plus cruise, Multirotor, and Vectored thrust), and Geography (Europe, North America, APAC, Middle East and Africa, and South America).
The increasing requirement for clean and quiet aircraft drives the growth of the market during the forecast period. Airplanes emit around 100 times more CO2 per hour than a shared bus or train ride. Also, the emissions of global aviation are around 1 billion tons of CO2 per year. Furthermore, organizations and governing bodies called for sustainable aircraft fuel alternatives, estimating that by 2050, aircraft-generated emissions will have tripled in volume. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
- The report recognizes the following as some of the key players in the EVTOL aircraft market: Airbus SE, ARC Aerosystems, Archer Aviation Inc., BETA Technologies Inc., EHang Holdings Ltd., Elbit Systems Ltd., Elroy Air, Embraer SA, Joby Aviation Inc., Karem Aircraft Inc., Lilium GmbH, Moog Inc., SkyDrive Inc., Textron Inc., The Boeing Co., Urban Aeronautics, Vertical Aerospace Group Ltd., Volocopter GmbH, Wisk Aero LLC, and Zhejiang Geely Holding Group Co. Ltd.
- EVTOL Aircraft Market is fragmented in nature.
- Market to observe 33.01% YOY growth in 2023.
- The development of drone infrastructure is identified as the key trend in the market.
- The application of drones is increasing in various areas of operations, including security and surveillance, agriculture, civil infrastructure inspection, and others.
- They are instrumental in search and rescue (SAR) activities and can expedite rescue and recovery activities during natural or man-made disasters such as floods.
- The operating power and heat management challenges the market growth during the forecast period.
- In contrast, the conventional aircraft design employs a fluctuating frequency alternating current (AC) as the source of power generation.
- This is not applicable to light eVTOL aircraft designs to some extent since they require a controlled frequency AC with controlled voltage along with 270 V direct current (DC) power distribution architecture.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
The cargo segment will be significant during the forecast period. End-consumers use EVOLT aircraft for urban air mobility, medical assistance, and personal use. Furthermore, this type of vehicle is not a replacement for land vehicles or helicopters, but a new tool since electric motors are faster than others. Get a glance at the market contribution of the segments, Request a Sample
The commercial aircraft aviation fuel market size is estimated to grow at a CAGR of 7.65% between 2022 and 2027, and the size of the market is forecast to increase by USD 49.5 billion.
The aircraft evacuation systems market size is expected to increase by USD 821.11 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.36%.
EVTOL Aircraft Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 39.53%
Market growth 2023-2027
USD 5.43 billion
YoY growth 2022-2023 (%)
Europe, North America, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 39%
US, China, Germany, France, and UK
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Technology
Market Segmentation by Geography
Drivers, Challenges, & Trends
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